My monthly salary in my first job was just Php 13,500. And every time I applied for a credit card, I got rejected. Failed. I didn’t know that there was a minimum income requirement of Php 20,000. I was short Php 6,500.
So I wondered if there are only two variables I could change: my salary and the credit card issuer. But I know I could do something else to apply for my first credit card.
Shooting for the stars
I landed my second job with a higher salary. Almost there. Very near. But it didn’t reach the minimum income of Php 20,000. But I thought it wouldn’t make any difference as my salary was almost Php 20,000.
My salary was deposited in my BPI savings account. It’s where I automate my savings and pay bills online. Since I am a BPI client it would be easier for me to get a credit card, I thought. Feeling confident, I went to BPI’s website for the credit card online application.
Another week passed. And months. But wait, after 2 months and a few days I got an SMS from SecurityBank telling me that my credit card application was approved! I was stupified! (You can also apply for SecurityBank credit card)
Of all the banks I applied to, only SecurityBank has granted my application. Quite amazing and was very happy then. Kudos to them, for giving me a chance.
Two months after, BPI emailed me that my application has been approved! Woah, is this a coincidence? Why did it take them so long to approve my card?
Tips on How to Apply for First Credit Card
Clear all your unsettled debts. Your unpaid loans and balances are visible to banks so it might hamper your application.
Get a credit card with a low-income requirement. I personally recommend the SecurityBank card. Their income requirement is just Php 15,000 per month. No existing card requirement too.
Like I did, do an online application spree. In this way, you can save more time and money. You don’t need to go personally to the banks. And if you get approved by all (which rarely happens), you have the option to choose the best and decline others
As soon as you have your first credit card, the second one should be easy.
When I discovered the wonders of travel and e-learning, I was hooked. I went to Boracay and El Nido. I’m learning web development in Udemy. It was awesome! But this couldn’t be possible without using a vital financial instrument – a credit card.
Not all debts are created equal. There are good debts and bad debts. I have both. I consider my Udemy courses as good debts but the iPhone I bought is a bad debt that affects my personal net worth. The bottom line, if debts are managed properly they shouldn’t mess up your life.
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